JOBY

Joby Aviation is a pre-commercial developer of a piloted, all-electric vertical-takeoff-and-landing (eVTOL) air taxi, with more than a decade of R&D behind it and an accumulated deficit of $2,785.6M. FY2025 revenue of $53.4M is nascent and largely non-recurring/early-service, while the net loss widened to $930M and operating cash flow was -$510M, reflecting $581M of R&D spend (up 21.8%) as the company pushes toward commercialization. Standard valuation metrics — a negative P/E and 183x P/S — are meaningless for a company at this stage; the stock is a probability-weighted bet on Joby achieving FAA certification, scaling manufacturing, and proving real passenger demand.

Within the eVTOL field, Joby has credible differentiation. It describes itself as the first eVTOL developer to receive a signed, published stage-4 G-1 certification basis, positioning it to potentially be the first to earn standard FAA airworthiness certification, and in August 2025 it completed a piloted flight between two public airports in FAA-controlled airspace — a meaningful operational-maturity milestone. It is building a vertically integrated model (own/operate, affiliate, and defense/direct-sales routes), expanded manufacturing (new Marina, California space plus a planned 728,000 sq ft Vandalia, Ohio facility), and acquired Blade Urban Air Mobility in August 2025 for immediate market access, customer base and airport relationships. Management is targeting carrying its first passengers in 2026.